To give some background, I currently live with a couple of friends in a 3 bedroom apartment. The living arrangement is good however I'm tired of not building equity. I've tossed the idea out for two of us to buy a house sometime within the next 1.5 years, as the 3rd wants to continue renting for awhile. To me, the primary advantage of this is that we would both gain equity and could afford a nicer house.
I would like to better understand the risks and benefits of such an arrangement.
Some extra facts:
- Neither of us have ever owned a home.
- We reside in NJ
- We both have good credit
- I like the idea of using FHA however don't know if you can with 2 individuals that aren't married.